Save Article

Reckoning in Caracas

Venezuela is running out of other people's money.

Updated Jan. 26, 2014 10:37 p.m. ET

One of Margaret Thatcher's many great lines was that the problem with socialism is that eventually you run out of other people's money. Welcome to Venezuela.

That country's bonds took a dive Wednesday on news of a partial devaluation of the bolivar. Economy vice-president Rafael Ramirez announced that the central bank would no longer sell dollars to airlines or Venezuelan travelers at the official exchange rate of 6.3 bolivars....